Network Funding

Network Funding is a privately owned residential mortgage lender that exists to enable the American Dream. NMLS# 2297. Equal Housing Opportunity Lender. *For more information on the 10-Day Closing Program, visit https://nflp.com/10-day-closing-program.

Can a company's way of doing business really impact its industry, the lives of its clients and the well being of its community? At Network Funding, we believe it can and should. Network Funding is a privately owned residential mortgage lender that exists to enable the American Dream of owning a home. We strive to serve every client with integrity, keep the loan process simple and get the job done on time. With our nation-wide network of mortgage professionals and state-of-the-art mortgage technology, we want to make the loan process as easy and personal for our clients as possible. At Network Funding we've developed a reputation for integrity for a reason, by continuing to place our principles before our profit. So if you're looking for a lender you can trust, we hope that you will choose to use, follow and support the best network in mortgage.

Mission: Our mission is to revive the American Dream of owning a home by serving every client with integrity, keeping the process simple and getting the job done.

"A credit score is a number that is used to predict how likely you are to pay back a loan on time. Credit scores are used by companies to make decisions such as whether to offer you a mortgage or a credit card. They are also used to determine the interest rate you receive on a loan or credit card, and the credit limit...

FICO stands for the Fair Isaac Corporation. FICO was a pioneer in developing a method for calculating credit scores based on information collected by credit reporting agencies...

Just like there is no single credit score – there are several companies that create scores – there is also no single FICO score. Like all credit scores, FICO scores depend on the contents of your credit report. There are three major agencies that collect credit data -- Experian, Equifax, and TransUnion. Because the credit reporting data at each agency can be different, your FICO scores may be different depending on which agency’s data is used to calculate it. FICO also has different variations of its basic scoring model tailored to different types of lenders (for example, home loans or car loans). So you could have several different FICO scores, even when they are all calculated from the same credit agency’s data."

Source: consumerfinance.gov

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Weekly Market Update: Retail Sales Plunge

The closely watched Retail Sales report released this week showed that consumer spending dropped even more than anticipated in April. Fed Chair Powell repeated the message that the Fed will use all its tools to support the economy. Daily volatility in mortgage markets remained low, and the change in rates for the week again was small.

Pricing is only slightly better than last Friday, but rates are now testing new all-time lows!

With much of the economy shut down due to the coronavirus, economists predicted an unprecedented drop in consumer spending, yet the magnitude of the decline surpassed all but the most extreme forecasts. In April, Retail Sales tumbled a record 16.4% from March. The hardest hit segment was clothing and accessories with a decline of 79% from March, while bars and restaurants fell a more modest 30%.

The decline in economic activity due to the pandemic also has caused current inflation levels to fall sharply. The Consumer Price Index (CPI) is a widely followed monthly inflation report that looks at the price change for goods and services. In April, core CPI, which excludes the volatile food and energy components, posted its largest monthly decline ever. In addition, it was just 1.4% higher than a year ago, down from an annual rate of increase of 2.1% last month.

On Wednesday, Fed Chair Powell said that the Fed will continue to do all that it can to support the economy for as long as needed. He emphasized the need for swift action and warned that over time short-term liquidity issues can develop into more serious long-term solvency problems. When asked about the possibility of a negative fed funds rate, he responded that "this is not something that we're looking at."

Looking ahead, the coronavirus will remain the main focus. Investors will continue to watch for news about medical advances, Fed actions, government stimulus programs, and plans for reopening the economy. Beyond that, Housing Starts will be released on Tuesday and Existing Home Sales on Thursday. Mortgage markets will close early on Friday in observance of Memorial Day.

Weekly Change:
10yr Treasury fell 0.05
DOW fell 1,000
NASDAQ fell 300

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Weekly Market Update: Unemployment Rises

The closely watched monthly Employment report released this week contained the anticipated levels of historic job losses. Daily volatility in mortgage markets remained low, and the change in rates for the week again was small.

Pricing is slightly better than last Friday, but rates remain essentially flat.

Friday's Employment report revealed a massive loss of 20.5 million jobs in April, which was close to the consensus forecast. The unemployment rate jumped from 4.4% to 14.7%. For comparison, this rate was below 4.0% during all of 2019. The leisure and hospitality industry lost 7.7 million jobs, which was 47% of total positions. The most positive news may have been that 78% of the people who lost their jobs in April described their layoffs as temporary rather than permanent.

Filings for new Jobless Claims dropped from 3.8 million last week to 3.2 million this week, which was the lowest level since the middle of March. Typical readings before the outbreak were around 250,000. The US has lost over 33 million workers, more than 20% of the labor force, over the past seven weeks. It should be noted that differences in the data collection periods for the weekly reports on Jobless Claims and for the monthly Employment reports may lead to results that aren't always directly comparable.

This week, the Treasury Department announced that it will be doing a record amount of borrowing this quarter to fund government spending, which has increased due to relief efforts to help offset the impact of the coronavirus. It also will be extending the average duration of government debt and will be launching a new 20-year bond on May 20.

Looking ahead, the coronavirus will remain the main focus. Investors will continue to watch for news about medical advances, Fed actions, government stimulus programs, and plans for reopening the economy. Beyond that, the Consumer Price Index (CPI) will come out on Tuesday. CPI is a widely followed monthly inflation report that looks at the price change for goods and services. Retail Sales will be released on Friday. Since consumer spending accounts for about 70% of all economic activity in the US, the retail sales data is a key indicator of the strength of the economy.

Weekly Change:
10yr Treasury rose 0.05
DOW rose 500
NASDAQ rose 400

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"A Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).

The lender is required to give you the Closing Disclosure at least three business days before you close on the mortgage loan. This three-day window allows you time to compare your final terms and costs to those estimated in the Loan Estimate that you previously received from the lender. The three days also gives you time to ask your lender any questions before you go to the closing table."

Source: consumerfinance.gov

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Weekly Market Update: Fed Will Provide Maximum Support

This week, the unemployment figures continued to rise and the GDP data reflected the slowdown in economic activity due to the coronavirus. US and European central bank meetings produced no significant surprises and had little impact. Daily volatility in mortgage markets remained low, and the change in rates for the week again was small.

Pricing is close to where it was last Friday.

Since major global central banks have been announcing policy changes as needed lately rather than waiting for scheduled meeting times, investors correctly anticipated that no major market moving news would emerge from this week's meetings. On Wednesday, the US Fed said that it will use all its tools to support the economy and that the federal funds rate will remain near zero until full employment and higher inflation are achieved. To help stabilize markets, the Fed has been buying large amounts of Treasuries and mortgage-backed securities (MBS) in recent weeks, but no additional guidance was given about the quantity of future purchases. Forecasts from Thursday's European Central Bank (ECB) meeting indicated that central bankers expect European economic growth to decline by 5% to 12% this year.

The US economic data reflected the impact of the pandemic again this week. Following growth of 2.1% in the fourth quarter of 2019, gross domestic product (GDP), the broadest measure of economic activity, fell 4.8% in the first quarter of 2020. This was the weakest reading since 2008. Consumer spending, which makes up roughly two-thirds of total GDP, declined 8%, partly due to the closing of nonessential stores.

Filings for new Jobless Claims dropped from 4.4 million last week to 3.8 million this week. Typical readings before the outbreak were around 250,000. The US has lost over 30 million workers, about 19% of the labor force, over the past six weeks.

Looking ahead, the coronavirus will remain the main focus. Investors will be watching for news about medical advances, Fed actions, government fiscal stimulus programs, and plans for reopening the economy. Beyond that, the key monthly Employment report will be released on Friday, and these figures on the number of jobs, the unemployment rate, and wage inflation will provide additional valuable information on labor market conditions. The ISM national services index will be released on Tuesday.

Weekly Change:
10yr Treasury flat 0.00
DOW rose 200
NASDAQ rose 50

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Weekly Market Update: Home Sales Decline

This week, the unemployment figures continued to rise and the home sales data reflected the slowdown in economic activity due to the coronavirus. Congress passed a bill to provide another $484 billion in aid for small businesses, hospitals, and virus testing. Daily volatility in mortgage markets remained low, and the change in rates for the week again was small.

Pricing has been pretty stable over the past week and we are within an .125 of last Friday.

Filings for new Jobless Claims dropped from 5.2 million last week to 4.4 million this week, which was close to expectations. Typical readings before the outbreak were around 250,000. The US has lost 26.5 million workers, more than 16% of the labor force, over the past five weeks.

The housing market had been performing very well prior to the outbreak of the pandemic. In February, existing home sales climbed to the highest level in more than a decade. In March, however, sales of existing homes fell 9%. The chief economist of the NAR said to expect "more temporary interruptions" to home sales in the next couple of months.

National median existing-home prices were up 8% from a year ago. Inventory levels remained low in many regions, as the number of homes for sale was at just a 3.4-month supply nationally, well below the 6.0-month supply which is considered a healthy balance between buyers and sellers.

Looking ahead, the coronavirus will remain the main focus. Investors will be watching for news about medical advances, Fed actions, government fiscal stimulus programs, and plans for reopening the economy. Beyond that, the next US Fed meeting will take place on Wednesday and the next European Central Bank meeting on Thursday. Investors will be looking at the assessment of the central banks on the economic impact of the pandemic. First quarter GDP, the broadest measure of economic growth, will be released on Wednesday and ISM Manufacturing on Friday.

Weekly Change:
10yr Treasury fell 0.02
DOW fell 700
NASDAQ fell 150

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Weekly Market Update: Consumer Spending Slows

The coronavirus continued to be the focus for investors. This week's data on consumer spending and housing starts reflected the anticipated decline in economic activity. Daily volatility in mortgage markets remained low, and the change in rates for the week again was small.

Pricing is flat since last Thursday before the market closed. It is nice to see pricing continue to level out.

Thursday night, President Trump unveiled broad guidelines for a path to relaxing the restrictions which have been in place to limit the spread of the coronavirus. This process would occur over three "phases" as necessary conditions are met. It will be up to governors to decide when each state is ready to implement the steps.

Since consumer spending accounts for about 70% of all economic activity in the U.S., Wednesday's retail sales data provided another key indication of the negative impact of the outbreak. Following a decline of 0.4% last month, Retail Sales in March sunk 8.7% from February, which was relatively close to expectations. While strength was seen in select areas such as grocery stores and pharmacies, consumers broadly cut back purchases overall.

In March, housing starts dropped 22% from February, which was a little more than expected. Building permits, a leading indicator of future construction, fell 7% from February. Despite the losses in March, though, both starts and permits were at higher levels than a year ago.

Also reflecting the impact of the coronavirus, China reported that its first quarter Gross Domestic Product (GDP), the broadest measure of economic growth, contracted by 6.8%. This followed an increase of 6.0% in the fourth quarter and was the first decline on record. The report on US first quarter GDP growth will be released on April 29.

Looking ahead, the coronavirus will remain the main focus. Investors will be watching for news about additional Fed actions, government fiscal stimulus programs, and the reopening of the economy. For economic data, Existing Home Sales will be released on Tuesday and New Home Sales on Thursday. Durable Orders and Consumer Sentiment will come out on Friday.

Weekly Change:
10yr Treasury fell 0.10
DOW rose 200
NASDAQ rose 400

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Weekly Market Update: Fed Expands Lending Programs

The coronavirus continued to be the focus for investors this week. The biggest economic news was Thursday's release of the details of the Fed's plans to provide additional assistance to businesses and local governments. The stock market posted some welcome gains, with the Dow index adding over 2,500 points.

For mortgage markets, daily volatility was significantly lower, and the net change in rates was relatively small but slightly better.

On Thursday, the Fed announced a series of new actions to make available another $2.3 trillion of financing to businesses and local governments. The first massive $2 trillion fiscal stimulus relief package mostly targeted individuals and small businesses. This latest round of measures expands the amount of aid available to midsize companies and municipalities. In his press conference following the announcement, Chair Powell said that the Fed will act "forcefully, proactively, and aggressively" to do everything it can to "provide as much relief and stability" as possible during the crisis.

Thursday's report on Consumer Sentiment showed a record one-month decline from 89 to 71, which was a little lower than expected and the weakest level since 2011. The sentiment index, which is based on a survey of consumers about their outlook for future economic conditions, noted greatly increased concerns about job security and income in coming months.

Filings for new Jobless Claims dropped from 6.9 million last week to 6.6 million this week, above the consensus forecast of 5.0 million. Typical readings before the outbreak were around 250,000. The US has lost 16 million workers, more than 10% of its workforce, over the past three weeks.

Looking ahead, the coronavirus will remain the main focus. Investors will be watching for news about additional Fed actions or government fiscal stimulus programs. Retail Sales will be released on Wednesday. Since consumer spending accounts for about 70% of all economic activity in the U.S., the retail sales data will provide another key indication of the negative impact of the outbreak. Housing Starts will come out on Thursday.

Weekly Change:
10yr Treasury rose 0.10
DOW rose 2,700
NASDAQ rose 800

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Weekly Market Update: Labor Market Contracts

Investors remained focused on news about the coronavirus this week. For financial markets, there were two primary changes. First, daily volatility was significantly lower, and the net change in mortgage rates for the week was relatively small. Second, the labor market data more fully reflected the decline in economic activity since the outbreak began.

Price volatility has been extremely high since rates hit the lowest levels in US history earlier this month, but the net change in mortgage rates each week is beginning to level out and even soften a bit.

The mortgage market has not been functioning as smoothly as usual over the past couple of weeks. While long-term Treasury yields are near record lows, and the Fed is buying enormous amounts of mortgage-backed securities (MBS), mortgage rates have not improved at a comparable pace.

One reason is simply that the rapid decline in yields has caused an avalanche of refinances that has far outpaced the industry's capacity to process all the loans. In addition, the prepayment feature contained in MBS reduces their value relative to Treasuries during periods of rapid declines in yields. However, the current crisis has created other issues as well.

The $2 trillion government relief package encourages a temporary stoppage of mortgage payments (forbearance) for homeowners who have suffered financial hardship. This is a logical step to implement quickly to help relieve the financial burden on those hurt by the crisis. The problem for the mortgage industry, however, is that the government has not yet made clear how it expects firms to handle an abrupt stop to a significant number of scheduled payments.

The resulting uncertainty has made it more difficult for lenders to evaluate the level of risk associated with loans. Additional underwriting requirements are being added, complicating the approval process. Industry officials expect that over time the system will gradually return to more normal conditions, especially as the government clarifies the process for mortgage firms to handle the period of forbearance.

On Thursday, weekly filings for new Jobless Claims far exceeded the expected levels. They rose to an unheard of 6.6 million, more than double the consensus forecast of 3.1 million, and up from 3.3 million last week. For perspective, a typical reading in 2019 was around 250,000 and the highest level seen following the 2008 financial crisis was 665,000. The reaction to the data was relatively small, however, since investors know that a massive surge in unemployment has taken place. They are interested in its total magnitude, while the exact timing of whether it is captured in one report or the next is of lesser consequence.

Similarly, Friday's important monthly Employment report indicated much larger than expected job losses. Against a consensus forecast of -150,000, the economy lost 701,000 jobs in March, which was the first monthly decline in payrolls since September 2010. Roughly two-thirds of the losses came from the hospitality industry. The unemployment rate increased from 3.5% to 4.4%, well above the consensus of 4.0%, to the highest level since August 2017.

Looking ahead, the coronavirus will remain the main focus. Investors will be watching for news about additional Fed actions or government fiscal stimulus programs. The major economic data is expected to reflect the negative impact of the epidemic to a greater degree. The most closely watched release will be Weekly Jobless Claims on Thursday. The Consumer Price Index (CPI) will come out on Friday. CPI is a widely followed monthly inflation report that looks at the price change for goods and services.

Weekly Change:
10yr Treasury fell 0.10
DOW fell 500
NASDAQ fell 100

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9700 Richmond Ave, Ste 320
Houston, TX
77042

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